SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) October 23, 1997
STORAGE TECHNOLOGY CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
Delaware 1-7534 84-0593263
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(State or other (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
2270 South 88th Street, Louisville, Colorado 80028-4309
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (303) 673-5151
Not applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
On October 23, 1997, the Registrant announced that its Board of Directors
had authorized the repurchase of up to $800 million of its common stock, par
value $.10 per share. The stock repurchase program will be effected through
open market purchases and privately negotiated transactions. The Company
anticipates the repurchase will be funded through a combination of existing
cash reserves, future cash flows and debt. The Company expects to complete the
repurchase program during 1998.
On October 28, 1997, the Registrant announced that it had repurchased and
retired 8 million shares of common stock in a privately negotiated transaction
with a financial institution. The purchase price for the shares was $431.3
million, subject to a price adjustment based on the market price of the common
stock during a defined period. As of September 26, 1997, the last day of the
Registrant's third fiscal quarter, the Registrant had 61.4 million shares of
common stock outstanding.
Item 7. Exhibits
The following financial statements, pro forma financial information and
exhibits, if any, are filed as part of this report:
(A) Financial statements of businesses acquired.
Not applicable
(B) Pro forma financial information.
Not applicable
(C) Exhibits
None
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Storage Technology Corporation
By: /s/ THOMAS G. ARNOLD
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Thomas G. Arnold
Vice President and
Corporate Controller
Date: October 29, 1997
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